UNUS SED LEO is the latest cryptocurrency project from Bitfinex’s parent company, iFinex. It was released in May 2019 via an initial exchange offering (IEO). The cryptocurrency was established following the seizure of cash by the US government from Crypto Capital, Bitfinex’s former payment processor.
Bitfinex intends to fund its operations entirely with UNUS SED LEO. $1 billion was received as a result of the initial transaction. Bitfinex’s services, which were pioneered by Bitfinex, an iFinex-owned cryptocurrency trading platform, are based on the LEO token as the ecosystem’s utility token.
From May 2019 through May 13, 2019, the coin was accessible via an Initial Exchange Offering. (IEO).
Leo is a cross-chain utility token that runs on both the Ethereum and EOS blockchains. This is not the first time in iFinex’s stormy history that a digital currency has been introduced. LEO is one of the only cryptocurrencies with a built-in restricted lifetime, one of the project’s numerous distinguishing characteristics.
Certain cryptocurrencies, such as UNUS SED LEO, are only available through decentralized exchanges in exchange for another cryptocurrency. To purchase UNUS SED LEO, first, obtain Ethereum (ETH), and then exchange it for UNUS SED LEO. And to do so, you’ll need something called a self-custody wallet.
How to use Coinbase Wallet to buy USUS SED LEO
Kindly follow the below-explained steps to buy the coin
Install the Coinbase Wallet on your computer
You’ll need a self-custody wallet like a Coinbase Wallet to purchase UNUS SED LEO. Additionally, Coinbase Wallet has a mobile application and a browser plugin.
Select a username for your Coinbase Wallet
As part of the Coinbase Wallet setup procedure, you’ll be required to choose a username. This username simplifies the process of transferring cryptocurrency between Coinbase Wallet users. You may choose to keep your username private, but you will require it to log in.
Protect your recovery phrase by storing it in a secure location
When you create a new self-custody wallet, you’ll be assigned a recovery phrase comprised of 12 random words. Because the recovery phase is the key to your crypto, it is accessible to everyone who knows it. Keep your recovery phrase secret from others.
It is strongly recommended that you write these down and securely save them, in addition to using Coinbase Wallet’s cloud backup option. Bear in mind that your recovery phrase should not be shared with anyone. Coinbase will never inquire about your password recovery phrase. If you forget your recovery phrase, Coinbase will be powerless to assist you.
Familiarize yourself with and budget for Ethereum network fees
Fees are determined by the volume of network traffic, the complexity of the transaction, and the time required to execute the transaction. Include a budget line item for fees.
Purchase and deposit ETH into your Coinbase Wallet
To purchase Ethereum, you must first create an account with Coinbase, if you do not already have one (ETH). The process for sending ETH to your Coinbase Wallet varies depending on whether you’re using the mobile app or the Chrome extension.
In the trade tab, exchange your ETH into UNUS SED LEO
You may purchase UNUS SED LEO right from the Coinbase Wallet app if you have it installed on your phone. The encircling dot should be clicked. Then select “Trade,” from which you can exchange ETH for an Ethereum-based token (also known as “ERC-20 tokens”). From the “choose coin” menu, select UNUS SED LEO. In the box below, enter the desired quantity of ETH to be exchanged into UNUS SED LEO. Keep transaction costs in mind when budgeting. Confirm your purchase and follow the on-screen steps to complete the transaction.
